The Bank of Ghana (BoG) has rejected a request to extend the contract of Alex Kwasi Awuah, the current Managing Director of ARB Apex Bank. The decision follows a formal appeal from Mr. Awuah seeking a “No Objection to Renewal of His Contract” from the central bank.Bernard Otabil, Director of Communications at the BoG, confirmed in an interview with Joy Business that the central bank could not grant the request.
He explained that it is standard procedure for BoG management to provide opinions on appointments and contract extensions for key positions within financial institutions under its regulation.“When this issue came up, the management of the Bank of Ghana expressed their opinion, and this has been clearly communicated to the Board of ARB Apex Bank,” Mr. Otabil stated. He emphasized that this process is part of the regulator’s “fit and proper” assessment and should not be viewed as an exceptional situation.
“It’s a normal practice to give an opinion on these matters when it comes to the extension of contracts for key heads of these institutions,” he added.The Board of ARB Apex Bank has acknowledged receipt of the BoG’s decision and confirmed that all relevant stakeholders have been informed.
The decision comes amid concerns from ARB Apex Bank employees, who had urged the Bank of Ghana to address what they described as delays in confirming the contract extension. Workers warned that prolonged uncertainty could undermine confidence, affect institutional stability, and risk disruptions within the rural banking sector.
Some employees had even threatened to take industrial action if the contract was not extended.The Bank of Ghana maintains that its actions are consistent with established regulatory practices
